Global Consumer Confidence: May 2023
Global consumer confidence picked up additional momentum in April, building on strong gains through the start of 2023. Morning Consult’s Index of Consumer Sentiment rose in more than three-quarters of the countries surveyed, with both the number and size of the increases outpacing an already strong March.
The surge in confidence was driven by rising sentiment in many European economies, where slowing inflation helped the eurozone narrowly avoid a recession in the first quarter of 2023. A nearly yearlong uptrend in U.S. confidence also re-established itself after being temporarily derailed by March’s banking crisis, while Japan saw consumer sentiment shoot up nearly 9%.
Overall, rising sentiment will bode well amid an uncertain outlook for the global economy, which is facing headwinds from persistent inflation, rapid monetary tightening and escalating geopolitical risks.
About the authors
John Leer leads Morning Consult’s global economic research, overseeing the company’s economic data collection, validation and analysis. He is an authority on the effects of consumer preferences, expectations and experiences on purchasing patterns, prices and employment.
John continues to advance scholarship in the field of economics, recently partnering with researchers at the Federal Reserve Bank of Cleveland to design a new approach to measuring consumers’ inflation expectations.
This novel approach, now known as the Indirect Consumer Inflation Expectations measure, leverages Morning Consult’s high-frequency survey data to capture unique insights into consumers’ expectations for future inflation.
Prior to Morning Consult, John worked for Promontory Financial Group, offering strategic solutions to financial services firms on matters including credit risk modeling and management, corporate governance, and compliance risk management.
He earned a bachelor’s degree in economics and philosophy with honors from Georgetown University and a master’s degree in economics and management studies (MEMS) from Humboldt University in Berlin.
His analysis has been cited in The New York Times, The Wall Street Journal, Reuters, The Washington Post, The Economist and more.
Jesse Wheeler previously worked at Morning Consult as a senior economist.
Akber Khan is an economist at decision intelligence company Morning Consult, where he supports the research efforts of the Economic Intelligence team by applying a combination of data science, data engineering and econometric forecasting methods to deliver insights into global macroeconomic trends. Previously, he worked for the Federal Reserve Board as a financial analyst, covering issues such as banking and finance, short-term funding markets, and monetary policy. He received a bachelor’s degree in economics from Bentley University.